Mortgage 1
Financing Available For
» New construction of a primary
or vacation home
» Major home renovation
» Demolitions and rebuilds
» Land or lot purchase for future
construction²
Some of The Great Reasons To Choose Mortgage 1
» One loan application and one
qualification process
» One set of closing costs
» Financing of closing costs and
interest payments³
» Financing to cover cost
over-runs and/or upgrades
» Residential lot cost can be
included in loan²
» Progress-based
disbursements during
construction
» Converts to permanent
mortgage
» New construction of a primary
or vacation home
» Major home renovation
» Demolitions and rebuilds
» Land or lot purchase for future
construction²
Some of The Great Reasons To Choose Mortgage 1
» One loan application and one
qualification process
» One set of closing costs
» Financing of closing costs and
interest payments³
» Financing to cover cost
over-runs and/or upgrades
» Residential lot cost can be
included in loan²
» Progress-based
disbursements during
construction
» Converts to permanent
mortgage
New Construction Loans
New construction loans provide funds during the construction
phase of a new home. New Construction Loans close prior to
the home's completion and feature a construction/draw phase
to fund the construction process. Homeowners make
interest-only payments on the funds disbursed during
construction. Upon completion of the home, the new
construction loan modifies to a traditional mortgage with
principal and interest payments amortized over the remaining
life of the loan.*
New construction loans provide funds during the construction
phase of a new home. New Construction Loans close prior to
the home's completion and feature a construction/draw phase
to fund the construction process. Homeowners make
interest-only payments on the funds disbursed during
construction. Upon completion of the home, the new
construction loan modifies to a traditional mortgage with
principal and interest payments amortized over the remaining
life of the loan.*
Features:
Available 15/30-Year Loan terms
5/1 Adjustable Rate Home Loans
Loans Up to 95% Loan-to-Value
Construction Terms up to 12 months
Loan Amounts up to $500,000
Owner-Occupied Properties
*Payments may include pro-ration of real estate taxes
and homeowner insurance
Available 15/30-Year Loan terms
5/1 Adjustable Rate Home Loans
Loans Up to 95% Loan-to-Value
Construction Terms up to 12 months
Loan Amounts up to $500,000
Owner-Occupied Properties
*Payments may include pro-ration of real estate taxes
and homeowner insurance